New Delhi, July 6 (ANI
): India's leading venture debt firm InnoVen Capital has announced the closure of its second quarter for 2016 with eight deals USD 12million.
This quarter the company hit the milestone of crossing over 10 billion rupees of cumulative venture debt disbursements in India, across more than 75 companies and over 110 deals.
Among the new clients on-boarded are leading early stage companies such as Housejoy
, marketplace for home services, Xpress bees ecommerce logistics provider, Chillr, app enabling instant money transfer, Simplilearn
, an online certification training courses for professionals, Ridlr, a traffic information and ticketing app, and Stayzilla
, a marketplace for budget accommodation.
"We are fortunate to consistently partner with some of the most promising startups in the ecosystem. Venture debt is steadily getting established as an integral part of a founder's armory when it comes to funding options for startups. We have funded a healthy mix of B2B as well as B2C businesses across lifecycle stages and the pipeline is quite strong as well," said Managing Director InnoVen Capital, Vinod Murali.
"Interestingly, venture debt is now being structured as part of equity rounds instead of lagging rounds as was the case in the past largely due to increased awareness of the product and the utility across various use-cases such as capex, acquisition finance, marketing campaigns, working capital and basic runway extension," added Vinod Murali.
"The team at InnoVen has been a great partner to work with. We appreciate them for their fast decision making and their eagerness to help us expand our network in the start-up ecosystem. Moreover, as active Chillr users themselves, they've provided us with great feedback to improve the Chillr experience," said CEO Chillr, Sony Joy.
Last month, in another initiative to provide further value beyond venture debt financing, InnoVen Capital
announced its partnership with Mircosoft's Accelerator in India which helps start-ups scale significantly and quickly reach global markets. (ANI